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​​​The Situation​​​​​We observed that when the NASDAQ McClellan Indicator was going near +10( on a ratio adjusted basis ), most of the time, the market was taking ​a pause or entered into a correction as you may see in the chart below...

​​​​And when the NASDAQ McClellan Indicator was going near -30 ​( on a ratio adjusted basis ), most of the time, the market
​was taking a ​pause or entered into a bullish trend.​​This indicator is in Oversold Conditions already: ​the market ​​is expected to start a tiny upwave correction after that indicator ​reached -30 within the next few sessions as history suggest.​ Only a tiny dead cat bounce has we had in May before resuming ​downtrend ​( See chart below )...

But the most interesting technical factor is at a time were this indicator is into the ovesold zone, we are testing the 50 DMA (Day Moving Average) on SP500 as shown by the chart below.​( See chart below - bottom panel - ellipse - blue line ).​​​